Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Latest in Mortgage News: House Prices to Moderate This Year, Says CMHC May 13th
Home prices are expected to finally level off from the "unsustainable" increases that have been seen over the past year, says CMHC..... More »
Buying a second home: How it works in Canada + MORE Sep 25th
What does it take to buy a second home in Canada? There’s a lot to consider, from figuring out whether you can afford to buy a second property (and whether it’s worth it) to navigating the down payment requirements and mortgage rules. To help you get started, we’ve answered these questions and.... More »
I lost my home in a fire. Can I tap my LIRA to cover costs? + MORE Nov 18th
Q: My house was burnt in the Fort McMurray fire. I am now unemployed and my husband and I are struggling to make the mortgage payments on top of our rent payment. Our savings are now drained as well as money received from insurance—the town house was part of a condo and is being rebuilt.
We have.... More »
Mortgage market braces for impact as one million renewals loom and defaults climb + MORE Mar 16th
Canada’s mortgage market is rebounding, with new originations up 39% year-over-year, according to Equifax’s latest Q4 Consumer Trends report..... More »
The Lower Bound for Rates + MORE Aug 9th
Many argue against variable-rate mortgages, given that rates “can’t drop much more.” But, while it’s true that rates are near the bottom, there’s still a question of “where’s the bottom?” The Bank of Canada’s floor for the overnight rate—the ra.... More »
When this guy can’t qualify for a mortgage, you know the mortgage rules are too tight!
– canadamortgagenews.ca
FORMER US FED CHAIRMAN CAN’T GET A MORTGAGE. Anyone remember this guy? Ben Bernanke. He’s just the former Chairman of the US Federal Reserve Bank. He served two terms from 2006 to 2014. Earlier this month, he revealed that he was declined for a mortgage refinance. Now, just to put this in perspective, […]
Bi-weekly payment myth…. it won’t pay your mortgage off faster.
– canadamortgagenews.ca
Bi-weekly payments won’t pay your mortgage off faster. Yup, it’s true. Around 4 yrs ago, I wrote an article showing some simple but effective math to explain this. Recently, I’ve had several readers and clients ask me about bi-weekly payments. I thought I’d repost that article as it seemed to get a lot of attention […]
The Bottom is Zero
– canadianmortgagetrends.com
If someone ever tells you that bond yields won’t go lower, ask if they’re at zero yet. If not, yields can go lower. Take our good friends in Germany, for example. Their 5-year government yield recently tumbled to an unthinkably low 8 basis points (0.08%). By contrast, Canada’s 5-year yield—which guides our fixed mortgage rates—is […]
Most People Need Mortgage Help
– canadianmortgagetrends.com
Despite the abundance of Internet mortgage resources, more than 6 in 10 Canadians say they still need help when shopping for a mortgage, according to a RateSupermarket.ca poll. Most folks also value meeting their mortgage advisor in person. The survey found that only 27% didn’t think a face-to-face talk with a mortgage professional was important. […]
The Right Pro Is As Important As Price: RateSupermarket.ca
– ratesupermarket.ca
Survey finds rate shoppers highly value personalized mortgage broker support
Toronto, Ontario: October 28, 2014 – Canadian home buyers are becoming increasingly independent when looking for their mortgages – but a recent RateSupermarket.ca survey finds mortgage brokers remain a highly valued part of the process, even among online comparison shoppers.
While 58 per cent of respondents said they would turn to online resources to find their mortgage, the majority aren’t willing to forgo face-to-face service – 73 per cent also stated it is important to work with a mortgage broker during the rate shopping process.
The survey also found the misconception persists that shoppers must sacrifice professional guidance for online transparency, with 59 per cent saying the main reason they avoid online mortgage shopping is the need to connect with a pro.
“Finding the perfect mortgage is a team effort,” says RateSupermarket.ca Editor Penelope Graham. “While consumers are increasingly willing to explore their options beyond their home bank, it’s clear that brokers play a vital role in turning that research into real value…
